Slide 1: Q4 2025 Report Presentation
Q4 2025 Report Presentation Per Ottosson | CEO Fredrik Törgren | CFO Thursday, February 19, 2026
Slide 2: Presenters
Presenters Per Ottosson | CEO Has +25 years of experience from leading positions in the software and SaaS industry Most recently spent 10 years with IPSoft (Amelia) - US based vendor of enterprise AI solutions - as Chief Revenue Officer M.Sc. Business & Administration, Stockholm School of Economics
Slide 3: Market Update
teneo.ai Market Update YUU
Slide 4: The superior performance is underpinned by a leading proprietary technology architecture
The superior performance is underpinned by a leading proprietary technology architecture Proprietary tech Language detection Dialog resources 3rd party models Entity recognition 86 Languages Dialog design Large Language Teneo Linguistic Spelling correction Number recognition Generative AI Models (LL
Slide 5: AI CX & Voice Startup Landscape
AI CX & Voice Startup Landscape Funding | ARR | Valuation | ARR Multiple | As of Feb 2026 COMPANY FOCUS TOTAL FUNDING CURRENT ARR VALUATION ARR MULTIPLE ElevenLabs Voice AI / TTS $781M $330M+ $11.0B ~33x Sierra CX AI Agents $635M $150M $10.0B ~67x Decagon AI Concierge $481M ~$30M $4.5B ~150x Parloa
Slide 6: Teneo has a valuable patent portfolio, often cited by industry leaders
Teneo has a valuable patent portfolio, often cited by industry leaders Portfolio overview 9 patents, 1 pending2 2013 2014 System and methods for delivering System and Methods for Semiautomatic advanced natural language interaction Generation and Tuning of Natural MUSD 191 up from 1641 applications L
Slide 7: Teneo Patent vs Competitor Overlap Analysis
Teneo Patent vs Competitor Overlap Analysis, As of Feb 2026 – Three first lack patents in this space Sources: Google Patents, Technical documentation on Company Websites.
Slide 8: Business Update
teneo.ai Business Update AYULP
Slide 9: Teneo 8: Smarter AI Agents, Endless Possibilities
Teneo 8: Smarter AI Agents, Endless Possibilities • Public APIs: Only platform in our space with end-to-end API access to build, test, deploy, analyze, and optimize agents — opens OEM/white- label revenue and partner embeds. • AI Agent Builder: Visual, low-code creation and launch of agents — faster
Slide 10: Industry-Specific Voice AI Solutions
Industry-Specific Voice AI Solutions Purpose-built voice agents for four key verticals | Ready to deploy in weeks “ H T U R Healthcare Telco Utilities Retail • HIPAA-compliant triaging • Account inquiries • Billing inquiries • Order tracking 24/7 • Appointment booking • Multilingual • Outage reporti
Slide 11: Key US Customer: Partner Breach & Recovery
Key US Customer: Partner Breach & Recovery Non-compete violation by channel partner | Legal action initiated | Direct engagement underway “ 1 ORIGINAL SETUP 2 BREACH 3 RESPONSE 4 RECOVERY — Q2 2026 Partner Relationship Agreement Violated Legal Action Filed Direct Engagement • Customer served via par
Slide 12: Financing Update: Secured Funding & Covenant Relief
Financing Update: Secured Funding & Covenant Relief CapitalFour covenant waiver | SEK 25M subordinated shareholder financing | Need fully covered “ EXISTING LENDER KEY SHAREHOLDERS 1 CapitalFour Covenant Waiver 2 SEK 25M Subordinated Debt Liquidity Covenant Waived until Aug 31, 2026 Amount SEK 25,00
Slide 13: Q4 2025 Operational Highlights
Q4 2025 Operational Highlights • Year of growth with turbulent end • Industry specific solutions launched • Teneo 8 Released • Patent valuations and citations up • Partner breach of contract • Several Pilot wins vs the Wrappers • Renewal agreements with A1 Bulgaria, Grapetree, TIAA and Widiba • Stra
Slide 14: Teneo offers unmatched accuracy
Teneo offers unmatched accuracy Observed accuracy in live deployment Compounding effect Amazon Lex 100% 99% Accuracy per interaction 99% 89% 95% 95% 95% Average interactions 6 92% per call Accuracy 90% 90% 89% 89% Amazon Lex 85% Other competitors1 Overall 85% 81% understanding in a 94% 50% single cu
Slide 15: Financials
teneo.ai Financials
Slide 16: Key Financial Highlights In Q4 2025
Key Financial Highlights In Q4 2025 Partner infringing agreement impacted our key metrics Key Metrics % Growth Annual Revenue SaaS API Calls • Net sales in constant currency amounted to 20.0 MSEK (26.5), - 24% 41% • SaaS ARR in constant currency amounted to 62.5 (75.1) MSEK, - 17% • Total ARR in con
Slide 17: Net Revenue Retention
Net Revenue Retention NRR (%) – Driven by Growth in Existing Accounts 141% 142% 134% 135% 127% 129% 121% 93% Q1 ´24 Q2 ´24 Q3 ´24 Q4 ´24 Q1 ´25 Q2 ´25 Q3 ´25 Q4 ´25
Slide 18: SAAS Business Model Growth
SAAS Business Model Growth SAAS API CALL VOLUMES SaaS API Calls Quarterly Average (million). +37% Annual Volumes 60 61 53 55 45 41 31 23 24 17 18 18 11 13 9 0 0 1 2 4 Q1 ´21 Q2 ´21 Q3 ´21 Q4 ´21 Q1 ´22 Q2 ´22 Q3 ´22 Q4 ´22 Q1 ´23 Q2 ´23 Q3 ´23 Q4 ´23 Q1 ´24 Q2 ´24 Q3 ´24 Q4 ´24 Q1 ´25 Q2 ´25 Q3 ´25
Slide 19: ARR Growth Constant Currency
ARR Growth Constant Currency Strong SEK impacted our USD revenues SaaS and Total ARR Quarterly Average (MSEK) Constant Currency 104 102 90 90 86 75 75 75 77 71 73 68 61 63 57 56 48 44 41 37 29 31 29 26 27 26 25 26 20 21 21 22 16 17 13 7 9 2 4 1 Q1´ 21 Q2´ 21 Q3´ 21 Q4´ 21 Q1´ 22 Q2´ 22 Q3´ 22 Q4´ 22
Slide 20: Quarterly SaaS ARR and Net Sales
Quarterly SaaS ARR and Net Sales SaaS ARR and Net Sales (MSEK) 75 75 65 66 54 57 44 34 36 28 30 31 25 26 25 23 19 21 22 20 18 15 16 16 17 18 12 13 14 1 10 2 8 5 11 8 10 12 10 10 Q1´ 21 Q2´ 21 Q3´ 21 Q4´ 21 Q1´ 22 Q2´ 22 Q3´ 22 Q4´ 22 Q1´ 23 Q2´ 23 Q3´ 23 Q4´ 23 Q1´ 24 Q2´ 24 Q3´ 24 Q4´ 24 Q1´ 25 Q2´
Slide 21: SaaS Recurring Revenues FY
SaaS Recurring Revenues FY +24% Growth YoY SaaS Recurring Revenues FY (MSEK) 67 53 2024 2025
Slide 22: Stable Gross Margin
Stable Gross Margin +86% Full Year 85% Gross Margin (+5 % points vs Q4 2024) 88% 88% 87% 87% 87% 86% 86% 85% 85% 83% 82% 80% 79% 79% 79% 79% Q1 ´24 Q2 ´24 Q3 ´24 Q4 ´24 Q1 ´25 Q2 ´25 Q3 ´25 Q4 ´25 GM Inc. Commissions GM Exc. Commissions
Slide 23: OPEX Run Rate Q4 2025
OPEX Run Rate Q4 2025 Annual OPEX Run Rate* MSEK 115 • Monthly OPEX(*) in Q4 2025 of 9.3 MSEK • OPEX(*) run rate of 111 MSEK in Q4 2025 111 • Continued cost control and we will during 2026 continue to carefully steer investments in sales and marketing activities Q4´ 24 Q4´ 25 * OPEX adjusted for non
Slide 24: Cash Position & Financing
CASH POSITION & Financing CASH ADJUSTED Cash Position Dec 31, 2025. Adjusted 22.3MSEK • On December 31, 2025, cash and bank position amounted to 17.3 MSEK 5.0 • Cash received from collected Accounts Receivables in Q1 2026 amounted to 5.0 MSEK 17.3 • Adjusted cash & bank approximately 22.3 MSEK on De
Slide 25: Q4 2025 Operational Highlights
Q4 2025 Operational Highlights • Year of growth with turbulent end • Industry specific solutions launched • Teneo 8 Released • Patent valuations and citations up • Partner breach of contract • Several Pilot wins vs the Wrappers • Renewal agreements with A1 Bulgaria, Grapetree, TIAA and Widiba • Stra
Slide 26: teneo.ai
teneo.ai
Slide 27: Thank You!
Thank You! Per Ottosson | CEO Fredrik Törgren | CFO